The Purchase & Sales Contract
April 26, 2019

What: A legal description of the property, including street address 

How Much: The selling price 

Mortgage Contingency: States that the sale is subject to the buyer obtaining a mortgage, and covers the specifics of the mortgage—amount, rate and term. Sets timetable for applying for financing. 

Deposit: How much money accompanies the contract and who holds it. 

Closing: When and where the closing will occur. 

Inclusions and Exclusions: What is and is not included in the sale of the property. 

Home Inspection: Contingency for a home inspection to be done in X number of days. 

Warranties: Any warranties included with the house, and descriptions of them. 

Condominium: If the property is a condominium, other provisions will apply. 

Well and Septic: If applicable, they must be tested (and pass). 

Termite and Pest Inspection: States who pays for this inspection and, if there is infestation or damage, who pays for repairs. 

Possession Date: When the buyers take possession of the house—before, at or after closing. 

Acceptance: How long the sellers have to accept, reject or counter the offer. 

Arbitration: Any provisions for arbitration of disputes. 

Insurance: States whose insurance covers the property until the closing date. 

Property Disclosures: Notices of any property disclosures concerning the house.